Hobby Lobby: the only store where purchasing holiday decor six months in advance is seen as completely normal.
Over the past 50 years, the arts and crafts retail giant has operated on American conservative values and Christian media. Their website proudly proclaims that they honor “the Lord in all we do by operating the company in a manner consistent with Biblical principles.”
This has led to numerous controversies since the founding of the company, but it’s also the basis of why David Green, Hobby Lobby’s founder and CEO, announced he is giving away the company.
‘I chose God.’
On Friday Green shared via a public opinion piece published on Fox News that he was giving away Hobby Lobby, similar to the decision made by Yvon Chouinard, owner of Patagonia.
“The thought process reflects a basic competition of ideas that I think every business leader should reflect upon. What is the true source of your success?”
In the piece, Green reflected on his journey from starting the company alongside his wife with a $600 loan to the behemoth it has become today.
“In the mid-1980s I went through a period where I’d grown proud thinking that I had the Midas touch – and I nearly lost the business. God had to show me that He was the one who granted success. The Bible says in Deuteronomy 8.18 that it’s God who gives us the power to make wealth.”
While he didn’t touch on any of the controversies, Hobby Lobby has also dealt with multiple public relation nightmares since its founding.
Despite nearly losing his business and more than enough controversies, Green said he believed God was behind the success of his company. That left him to ponder if he was “an owner or a steward.”
As an owner, there are certain rights and responsibilities, including the right to sell the company and keep the profits for yourself and your family. As our company grew, that idea began to bother me more and more. Well-meaning attorneys and accountants advised me to simply pass ownership down to my children and grandchildren. It didn’t seem fair to me that I might change or even ruin the future of grandchildren who had not even been born yet.
He came to the conclusion that he was “just a steward.”
“God was the true owner of my business.”
“But from the very beginning our purpose was to honor God in all that we did. We worked hard and God gave the results. As we were blessed by God, we saw it as a great privilege to give back. We’ve been able to provide hope through supporting ministries and planting churches all over the world.”
Green added that his position as a steward rather than an owner provided him with a “greater responsibility.”
Not only was he not supposed to use the business’ profits for himself, but he had a responsibility to look out for his employees, which is why he said they are paid a minimum wage of $18.50 per hour, close every Sunday, and close by 8 p.m. every day.
“Best of all, when I made the decision to give away my ownership, similar to Patagonia’s Yvon Chouinard, it allowed us to sustain our mission and purpose. It gives me a bigger purpose than just making money.”
Wouldn’t it be awesome if more business owners gave away their companies or used the profits for good rather than their own personal benefit?
Share if you agree!
